According to ‘Cyber Security Breaches Survey’ of the UK businesses by University of Portsmouth, more than four in ten businesses (43%) and two in ten charities (19%) experienced a cyber-security breach or attack in the last 12 months. It also found that cyber security is a high priority for the senior management of three-quarters of businesses (74%) and over half of all charities (53%).

The survey found a decline in the percentage (27%, versus 33% in the previous 2017 survey) of businesses having a formal cyber security policy or policies. On the other hand 21% had well-planned policies in place.

Data Breach Cost Over US$ 3 Million in Losses to US Businesses

The “2017 Cost of Data Breach Study” conducted by the Ponemon Institute found that the average total cost of a data breach has now reached $3.62 million, with each stolen or lost record estimated at $141. Healthcare, education, and finance, were among the heavily hit industries, experiencing such events more often. As per the study, the businesses hit by a data breach have a 27.7% probability of facing another within a couple of years.

Guarding Data Becomes Paramount Globally

Organizations are at jeopardizing high risk of cyber-attacks, making it paramount for the organizations to seek out the latest government information and guidance for better implementation of cyber security. Global organizations recognize the inevitability of cyber-attacks, and are empowering their cyber security strategies by accumulating skilled people, cutting-edge technologies and advanced processes to make their organizations cyber breach-proof. Data protection law deals with the security of the electronic transmission of personal data.

Data protection laws have become important to address today’s reality. Governments must pursue comprehensive data protection frameworks because of the following reasons:

Need of updated and powerful data protection laws

Since the inception of the Internet, people have been sharing their personal information online. Many countries have privacy rules and they remain important to help protect people’s information and human rights, but they lack the advancement needed to fight the challenges of today’s connected world.

Corporate co- and self-regulation is not working to protect our data:

Worldwide companies that collect people’s data have long advocated for regulation of privacy and data protection not via binding frameworks but rather through self- or co-regulation mechanisms for enhanced flexibility. But, there aren’t any examples of non-binding regimes in favor of users’ rights or businesses as a whole.

The information presented in this article is part of the research study on Date Protection Software Market. The report tracks the adoption of data protection software across the globe, offering critical insights on the key influences. A sample of the study is available upon request.

According to the online law and government information site HG.Org, as of now, the United States doesn’t have any centralized, formal legislation at the federal level to curb this menace, but does protect the privacy and protection of data through the United States Privacy Act, the Safe Harbor Act and the Health Insurance Portability and Accountability Act.

The United States is following ‘sectoral’ approach to data protection legislation. Under this approach, the laws of data protection and privacy depend on the combination of legislation, regulation, and self-regulation instead of governmental interference solely.

On the other hand, the European Union has a unified data protection law named the Data Protection Directive. The EU’s Data Protection Directive regulates the processing of personal data within the European Union and is a key component of the EU’s privacy and human rights law.

In Asia-Pacific region, Australia and New Zealand are up with legislation around data protection. The Australian government has amended the Australia Privacy Act 1988 to include mandatory breach notification requirements, requiring organizations to report an ‘eligible data breach’ to the data protection authority and notify affected customers immediately. Whereas, New Zealand’s Privacy Act controls how ‘agencies’ collect, use, disclose, store and give access to ‘personal information’.

There are 15 Asian countries, including Bhutan, China, Hong Kong, India, Indonesia, Iran, Israel, Japan, South Korea, Malaysia, Nepal, Oman, Philippines, Taiwan, UAE, Vietnam, Yemen, that have legislation. Whereas, four countries, including Iraq, Jordan, Pakistan, Thailand, are presently at the stage of drafting; while the rest of the countries either have none or have provided no data.

India has become a soft target for the data hackers, accounting to the numerous challenges the developing country is facing. As per the Data Security Council of India (DSCI), India is lacking proper security governance, doesn’t have proper budget allocation, hit by poor security products selection and implementation; dealing with dicey cyber security capability and awareness; and has lethargic review and monitoring mechanism.

From Facebook to Google+, Giants Bear the Brunt of Cyber Attacks

Facebook, the social-media giant revealed cyber-attack affecting up to 50m users, including the accounts of Mark Zuckerberg, Facebook’s chief executive, and Sheryl Sandberg, its chief operating officer. On the other hand, Google+ is shutting down, following the data leak affecting 500,000 users. Google officials called the exposure the result of a flaw in programming interfaces that Google made available to developers of applications, interacting with users’ Google+ profiles. The list of giants affected by cyber-attacks goes on.

Safeguard against data breaches is an absolute must

Online services are positing malignant cyber threat to companies. The overwhelming majority of businesses are reliant on online services, exposing them to unseen cyber security risks. Cyber breaches hits organizations in numerous ways, resulting into lost assets or data, and significant financial consequences. When dealing with cybercrime, an ounce of prevention is worthy of a pound of cure. Organizations must seek out the latest government information and guidance helpful for them to implement better cyber security. Compliance isn’t an option anymore but a requirement.

Data protection tools and software have become the necessity for timely, reliable and secure backup of data from a host device to destination device. Data protection software is more or less like a data backup software. Escalating numbers of data breaches and cyber-attacks have increased the demand for data protection software. The scope of data protection software is shining every passing day, with companies realizing the need of data protection.